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Mastercard Partners With Blockchain Firm R3 for Payments Solution

Mastercard partnered with blockchain firm R3 to develop a cross-border payment solution.According to a Mastercard press release published on Sept. 1, the two firms plan to pilot a new blockchain-enabled cross-border payment solution. The system will reportedly focus on connecting global faster payments infrastructures, schemes and banks.Multiple ways to move moneyPer the release, the announcement is part of Mastercard’s plans to strengthen its cross border payments network, building on its acquisition of global payments company Transfast earlier this year. The partnership with R3 is part of the payment giant’s multi-rail strategy, which sees customers choosing how their funds should be moved. Mastercard executive vice president of new payment platforms Peter Klein com...